Nervous

I am sure Hubb users will not be on edge as they will all have their positions covered and/or their portfolio volatile safe!

For local investors there is a little more upside for those who want to get the last drop:

Not a super large leap ahead but at least it is not down!

Well not for the moment. Down is always a possibility – we never turn our back on the markets! In this case we do see a wave four lurking but probability is on the side of some moves higher before a turn down.

Timing is always an imperfect game but the chart does indicate a possibility of some easing about November/December – which sort of fits with the US elections. They will be held November 3 but there can be much shenanigans before and after elections, especially if it is a knife edge finish. Thus so we could see a market that is quite nervous due to uncertainty. A definite result either way could ease investor fears.

You would need to be a real punter to bet either or both ways on the result although you can with US options.

Before wave four plays out we could see the market climb higher to that indicated in the current wave five projection and then the current wave five could become the wave three, with the wave four easing delayed.

The weekly chart gives us no clues about the coming weeks so for now so we just watch this small five wave scenario play out

Enjoy the ride

Tom Scollon